Frank Muscarello, the CEO of MarkITx, is not satisfied to simply create a marketplace for trading secondary IT goods. Instead, he wants to capture the world’s $348 billion enterprise IT trade market, making MarkITx the standard.
To Muscarello, IT hardware is a commodity, and it deserves to be treated like one. MarkITx is a transparent B2B marketplace, intended to allow buyers, sellers, and wholesalers to easily sell goods across the world.
(Image via MarkITx's Facebook page)
MarkITx launched earlier this year and, last month, raised $1.06 from a group of Angels including Michael Balkin, Francis Wisnewski, Jack Keenan, John Ward, and others. Already, the platform has processed over $1 million in transactions and, $10 million in demand and nearly $1 million in supply, according to a press release.
“We are disrupting [the IT hardware industry] by providing an open source transparent platform that helps clients make better informed decisions,” Muscarello says. “With liquidity, we can actually help increase velocity of uses of inventory by allowing members to receive the highest return on their capital investments by willing global buyers on a certified/warrantied basis.”
The 1871 company’s main goal is to provide information to its members. It does this in three ways: by allowing them to trade products directly on the MarkITx platform; by using data scientists and engineers to find patterns in data parsed from the more than one million items housed on their platform; and by a proprietary algorithm that Muscarello says allows them to “create the predictive pricing behaviors for IT products globally and thus create the first Kelly Blue Book of IT.”